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    Debbie636's Avatar
    Debbie636 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 21, 2006, 12:59 PM
    Wet settlement state
    Is Missouri a Wet settlement state?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Dec 21, 2006, 01:08 PM
    That's a new term for me. But I couldn't find any reference for Missouri. What you should do is ask your mortgage broker.

    For anyone who doesn't know a Wet settlement requires a time limit on the distribution of funds from the sale of a house after closing.
    Cvillecpm's Avatar
    Cvillecpm Posts: 553, Reputation: 28
    Senior Member
    		  
    #3

    Dec 22, 2006, 09:19 AM
    There is federal law on refinances of existing homes to allow 3 days to recind the lien on the property.

    It does not apply to original purchases... it is to prevent home improvement scams where a roofer or Tin Man as happened in the movie - ends up putting out the homeowner for home impovement work.
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